Planning for your child's education often involves careful financial strategizing, including opening a 529 plan. These tax-advantaged accounts are designed to help families save for college expenses. But what happens if you've diligently saved and find yourself with a surplus in the account?
Financial literacy refers to the knowledge, skills, and understanding of financial concepts, tools, and systems that enable individuals to make informed and effective decisions regarding their personal finances. It involves the ability to understand and apply various financial principles, such as budgeting, saving, investing, borrowing, and managing debt.
Just before the new year, President Biden signed the omnibus spending bill into law. Within the bill is the SECURE Act 2.0 (Securing a Strong Retirement Act), which is aimed at making it easier to save for retirement. While the law was signed at the tail end of 2022, many provisions won't go into effect until 2024. These are 9 key takeaways from the SECURE Act.
Tax-advantaged accounts have annual contribution limits. In some years, the IRS increases those limits, and for some accounts, an additional contribution is allowed for those over a certain age. We'll take a look at the contribution limits for 2023.
There is a tremendous amount of outstanding student loan debt in the U.S., $1.762 trillion! Of that, $1.606 trillion, 91.2% is federal student loan debt. There are 43.4 million borrowers with federal student loan debt, and their average balance is $37,014. There may be a way out if you can count yourself among those with outstanding federal student loan debt. We’ll explain what you need to know about Public Service Loan Forgiveness.
he cost of higher education has skyrocketed over the last two decades. Below are some 2022 numbers: The average cost of college has more than doubled in the 21st Century growing at 6.8% per year. The average cost of college is $35,331 per student year, including tuition, books, supplies, and living expenses.
Have you ever tried to drive to an unfamiliar destination without a map? Well, okay, a GPS these days! What would happen if you did? You’d very likely get lost. You’d drive in circles, backtrack, waste time, gas, and money. The same can happen when you don’t have a financial plan.
There are hundreds of personal finance books, podcasts, and documentaries available, so many that no one could read, listen, or watch them all.
